Nick Davis, who had been with the company since 2003, has left to "pursue other business interests" and will depart with immediate effect after the retailer said the challenging nature of the high street will hit profits.
Anthony Smith, Shoe Zone's executive chairman who now becomes chief executive on a permanent basis, said he would focus attentions on online and out of town larger stores due to the "challenging environment" on the high street.
He added that a revaluation of its freehold properties means the company will take a £3.1 million hit, as the 17 buildings Shoe Zone owns fall in value from £8.4m to £5.3m.
The footwear retailer said that trading conditions since its interim results on 21 May have been challenging and the board now expects to deliver a full-year performance below its previous expectations.
Shoe Zone shares fell steeply in morning trading.Smith said:"As has been widely publicised, the UK High Street is currently facing a challenging environment in which to operate.